Nigeria has reportedly lost $6 billion dollars in a controversial oil deal involving Shell and Italian Oil firm Eni.
The two oil giants were dragged to an Italian court following the corruption allegation leveled against them in the deal.
Campaign group Global Witness says the deal called ‘OPL 245’ in 2011 deprived Nigeria of billions of dollars. That amounts to double the country’s annual education and healthcare budget.
Per the deal Shell and Eni had the rights to explore OPL 245, an offshore oil field in the Niger Delta.
Eni and Shell faced accusations of knowing that the money they paid to Nigeria would be used for bribes. The two companies however deny any wrongdoing.
Reports say the scandal involves former MI6 officers, the FBI, a former President of Nigeria, as well as current and former senior executives at the two oil companies.
A court in France found former Nigerian oil minister, Dan Etete, guilty of money laundering. He was reported to have used illicit funds to buy some luxurious property.
Global Witness says it’s investigation into the deal took years.
Source: Africafeeds.com
